The Misconception about Cryptocurrency
We frequently think of BlockChain and Cryptocurrency as the same thing. They are connected while being very different. Therefore the curiosity of this new innovation is that it is NEW. We hear about it but don’t understand the concept of it or think that it is just another fad. Also, understanding the concept of “Virtual” currency can make our brain hurt.
Our Online Community did the research. We found that Cryptocurrency Mining is a very legitimate and profitable endeavor. It helps people from around the world on many levels and in all walks of life. BlockChain technology is still in its infancy. There is a lot of competition in Cryptocurrency Mining. With determination, you can truly profit from this most interesting concept.
How BlockChain and Cryptocurrency Work
Blockchain is a concept that deals with digital money transfer. It eliminates the third party, the fee and makes the process instantaneous. Linking One transaction to another. Money transferred between businesses or individuals is recorded in this open ledger. Everyone in the Network sees this “Chain” and how much is transferred. Then, each party in the Network receives a copy of the “Chain” for their records.
What is Cryptocurrency
CryptoCurrency is a relatively new type of money that operates in a different way than traditional currency. It’s the easiest, most reliable and convenient way of making monetary transactions. Unfortunately, it hasn’t been able to gain worldwide acceptance even though it has been around since 2009. Most everyone knows BitCoin. However, there are others like Ethereum (ETH), Tether, Binance Coin and USA Coin.
How CryptoCurrency Mining works
Companies set the transactions into action. This is an intended transaction. Miners compete to validate the transaction. That is easy because the ledger is accessible across the web. Then they want to be the first to enter it into the ledger. The first one to do this will get a financial reward. Usually in the form of cryptocurrency. Finding the “key” of validation is what the miner does. The transaction is then entered into the ledger. There are actually 2 keys. One is public and one is private. It is like a guessing game and takes time and computation that your computer can do easily. Then the miner is able enter the transaction into the ledger, publish it and get the monetary reward.
